Good Morning Forex Fantasies
I hope you enjoyed the weekend.
This week Gold may give us a good move, as long as Gold is above the invalidation point, we are bullish.
First resistance is at 1108-1111. After breaking the resistance our next target will be 1121-23.If gold fail to break this level,Then Gold may touch the support level that is 1083-85.and this level is also the invalidation point for this week.
I m sharing different time interval chart patterns to get better understanding.
Daily Time Frame Chart
Gold is moving in rising channel in daily time frame.Higher high and lower High is the beauty of rising channel.So the next higher high we may get at 1121-23 level and the lower high will be at 1183-87 level.Friday daily closing was indicating some bearish move today so we may get better price to buy from lows.
4 Hour Time Frame Chart
The immediate resistance in 4 hour chart we can see at 1108-11.If gold break the resistance we will look for buy entry after confirmation of break.If gold come back from resistance we will look for buy entry from the support area.
1 Hour Time Frame Chart
Gold is moving towards its resistance in 1 hour time frame, Our watching area will be at 1108-11. Either we get reversal signal or may break the resistance.So 1 hour time frame will give us a close picture to jump in for bullish or bearish.
15 Mint Time Frame
I love rising channel when ever we get in any time frame, It gives us close picture when to enter and exit.This rising channel also indicating 1108-11 a resistance area and short term and immediate invalidation if gold break the channel support.
Note : We are already in a trade and our target was 1107. I suggest you to move stoploss at entry point.
Fresh entry ( Buy if Break resistance 1108-11)
Buy Stop 1112
Stoploss below 1101
Target : 1121-23
Alternate Buy ( If Gold Touch Support first )
Buy Limit 1089-90
Stoploss below 1083
Take profit 1107
Alternate : ( If gold Fail to break after touching 1108)
Sell From 1104
Take profit 1090
Longer term target is still 1145 as long as gold is above the invalidation point